NIO reported a year-on-year sales increase of 25% for the first seven months of 2025, with total deliveries comprising 12,675 vehicles from its main brand, 5,976 from its Onvo sub-brand, and 2,366 from Firefly. Despite a challenging July, where NIO's main brand sales declined 38% year-on-year, the combined sales from Onvo and Firefly offset this drop, resulting in a slight increase of approximately 500 units compared to the previous year, though average selling prices are expected to be lower. In contrast, competitor Li Auto experienced a 40% year-on-year and 15% month-on-month decline in July sales. BYD also reported a modest 0.6% sales increase in July but saw a month-over-month decline, raising concerns about meeting its annual sales target of 5.5 million vehicles. Macquarie analyst Eugene Hsiao upgraded NIO's stock rating to Buy from Neutral, raising the price target to HK$44.00 (approximately $5.50), citing the new L90 SUV under the Onvo brand as a competitive offering against Tesla's Model Y. The L90 is projected to address NIO's low volume issues, with potential monthly sales between 8,000 and 12,000 units. Following the launch of the L90, NIO shares surged 8%, accompanied by increased bullish options activity. Earnings for NIO are expected on September 4, 2025.